Archive for the 'Tax Credit of 2009' Category
6 Steps to Determining Your Eligibility for a Home Buyer Tax Credit?
14 Comments Published by April 9th, 2009 in Buyer Advice, First Time Home Buyers, Tax Credit of 2009. byThe recently enacted American Recovery and Reinvestment Act of 2009 or ARRA, commonly referred to as “The Stimulus Bill,” created a tax credit for first time Home Buyers. Most first time home buyers wonder what the specific qualifications are for this $8,000 tax credit. Below are six steps to determining your eligibility:
1. Who is a First-Time Buyer? The bill defines a first time home buyer as anyone who has not owned a property/home/real estate for the past three (3) years.
2. How does the Tax Credit Work? The tax credit is received when you file your taxes the year after your home/real estate purchase. In other words, the first time home buyer does not receive any cash at the time escrow closes, nor does the 1st time home buyer receive any assistance with closing costs through the escrow. Instead it is added to any refund you would be due on your taxes in the year following your home purchase.
3. Can I Receive theTax Credit of $8,000 Even If I Owe No Taxes?: You, as a first-time home buyer, can still qualify even if you own little or no taxes. (more…)
